“2023 will be a rebuilding year for Bitcoin and altcoins. But some very promising projects in terms of technology and utility could bring fortunes to early investors in 2024.
I believe these 6 altcoins have a good chance of making a splash next year. Here’s why you should keep them on your radar.
1：MATIC
Polygon has quickly become one of Ethereum’s top scaling solutions. It now consistently records over 1 million transactions per day, more than any other layer 2.
As Ethereum drives mainstream adoption, thousands of dApps will need scalable solutions. Polygon is poised to capture much of this demand thanks to its developer network and support from Mark Cuban and Reddit.
Polygon is expected to continue growing at an incredible rate through 2024:
“Polygon is an important infrastructure for Ethereum to scale while maintaining security. Some of its unique advantages are:
Polygon has over 7,000 dApps and over 1 million users
Interoperability Focus for the Internet of Blockchains
Strong developer ecosystem and partnerships
I think 2024 could be Polygon’s coming out party. If Ethereum continues to grow in usage, it has huge upside.”
2：link
Chainlink is the undisputed leader in blockchain oracle networks. It protects the source of truth for hundreds of applications in DeFi, insurance, gaming, commerce, and more.
Chainlink’s adoption is expected to surge as blockchains seek reliable real-world connections. Arnold believes that growing data demand positions LINK to achieve strong growth in 2024:
“Chainlink solves a critical limitation today – connecting blockchains to the real-world data needed to trigger smart contracts.
It is the time-tested and most adopted oracle solution. Tens of billions of dollars in smart contract value have been secured across all major blockchains.
Data demands from DeFi, insurance, commerce, and Web3 applications are exploding. Chainlink solves a critical gap in the Web3 technology stack in a decentralized manner.”
Use cases such as decentralized finance and metaverse gaming will require more secure off-chain connections. Chainlink’s mature technology and extensive network make LINK attractive for investment in 2024.
3：where
As the earliest virtual world on the blockchain, Decentraland is an interesting metaverse investment. Users can explore, build interactive games and applications, and purchase virtual plots of land as NFTs.
Recent partnerships with JPMorgan and the release of the Spider-Man movie have brought some attention to Decentraland. Arnold believes that the virtual world offers a promising way to diversify cryptocurrency exposure:
“The open, creative possibilities of the Decentraland virtual world are very appealing. It enables users to build interactive experiences and games without centralized gatekeepers.
As virtual worlds continue to grow, Decentraland is an early leader in blockchain-powered metaverse experiences. The desire for open digital worlds is not going away. The demand for virtual real estate continues to grow.”
Earlier this year, MANA surged more than 200% during the metaverse hype. As new layers and experiences are built, Decentraland is likely to attract more interest as the virtual world continues to grow in 2024.
4: QNT
Quant Network is building a cross-ledger network to enable interoperability between different blockchain networks. This allows for modular development and scalability benefits.
Even a complex network like SWIFT is working with Quant to develop blockchain-enabled products. Arnold believes these connections give Quant long-term potential:
“Enabling seamless interoperability between major blockchains is key to mainstream adoption. Quant Network is leading the development with Overledger:
Already cooperated with Oracle, SIA, SWIFT and major chains
Overledger Network moves towards decentralized governance
Powering critical financial infrastructure
As more and more businesses connect blockchain assets across the network, Quant is poised to experience explosive growth by unlocking massive efficiencies.”
Depending on the size of partnerships Quant has secured, Arnold believes QNT could be a moonshot altcoin worth watching for 2024 returns.
5：GRT
By indexing blockchain data, The Graph makes it easy to query and build dApps. It is essentially Google for locating and accessing decentralized information.
The graph is already used by leading Ethereum applications such as Uniswap, Synthetix, and Decentraland. But the demand for data in areas such as gaming, social, and finance is growing exponentially.
Here’s why Arnold believes The Graph could continue to grow faster than expected:
“Quickly finding and accessing data remains a major pain point for Web3 developers. The Graph makes this easy by creating a searchable, decentralized index.
It is already integrated into major consumer dApps on Ethereum, processing billions of queries. As adoption continues to grow, The Graph’s network effects could lead to price breakthroughs.”
As the shift toward a decentralized data economy continues, The Graph is a quietly important piece of crypto infrastructure as more sophisticated blockchain applications are built.
6：PCX
The multi-chain nature of Web3 requires bridging assets across different networks. ChainX is building a Polkadot parachain focused on liquidity staking and cross-chain transfers.
Security is an issue with asset transfers. ChainX uses new technologies such as XBridge to ensure that assets remain fully collateralized during transfers.
Arnold believes that the scalability and liquidity infrastructure provided by ChainX can provide value:
“ChainX is focused on facilitating staking and seamless cross-chain transfers. Allowing assets to flow securely between chains unlocks tangible utility benefits:
SlashX and other innovative technologies protect user funds
Liquidity infrastructure via XBridge protocol
Polkadot parachains mean shared security
I have been following the development of ChainX. Making blockchains more interoperable and staking liquidity can unlock circulation - the value of circulation will appreciate.”
Early infrastructure plays like ChainX give us exposure to the multi-chain trend on leading networks like Polkadot. The project provided epic returns during the bull run prior to 2020.
